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Founders vs the board: At FundsIndia, not all was mutual

Exits, firings, court petitions, conflicted employees...and an almost founder-less board. A once-leader FundsIndia, which should've been a tech disruptor, instead got disrupted

20/08/19

Arundhati Ramanathan

With over 1.1 million customers and over $750 million in assets under management, FundsIndia was a true fintech pioneer in pole position. It had customers, revenue and investors. But its founders were ousted in June

This can be chalked up to events that unfolded over the last two years. FundsIndia brought in senior tech executives like Krish Seshadri from Facebook. But one of the co-founders was subsequently removed

This drew battle-lines between those loyal to the founders and those who reported to Seshadri. It resulted in seven people being laid off, three of whom filed legal notices

The company is now fast running out of capital and an exit seems to be an uphill task

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On 15 June, an email from Srikanth Meenakshi, co-founder, and chief operating officer of FundsIndia, went out to the 330 employees at the online mutual funds distribution company. It confirmed a rumour that had been doing the rounds for a week. That the board was asking Meenakshi to leave the company. The company he and…

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